San Juan mayor begs Trump for help with hurricane relief, says people are dying

This is just awful. Peoples live matter!

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The mayor of Puerto Rico's capital did not hold back Friday in an emotional plea to the Trump administration, saying conditions on the hurricane-ravaged island would be "something close to a genocide" if the U.S. president didn't "take charge and save lives."

So basically Wall Street is negotiating a relief package for Puerto Rico via debt consolidation.
Puerto Rico can't accept the deal due to the conditions attached to them.
This is a shakedown of Puerto Rico.

PUERTO RICO REJECTS LOAN OFFERS, ACCUSING HEDGE FUNDS OF TRYING TO PROFIT OFF HURRICANES
David Dayen
September 29 2017, 7:17 a.m.
Photo: David Villafane/GFR/AP
PUERTO RICO HAS rejected a bondholder group’s offer to issue the territory additional debt as a response to the devastation of Hurricane Maria. Officials with Puerto Rico’s Fiscal Agency and Financial Advisory Authority said the offer was “not viable” and would harm the island’s ability to recover from the storm.

The PREPA (Puerto Rico Electric Power Authority) Bondholder Group made the offer on Wednesday, which included $1 billion in new loans, and a swap of $1 billion in existing bonds for another $850 million bond. These new bonds would have jumped to the front of the line for repayment, and between that increased value and interest payments after the first two years, the bondholders would have likely come out ahead on the deal, despite a nominal $150 million in debt relief.

Indeed, the offer was worse in terms of debt relief than one the bondholder group made in April, well before hurricanes destroyed much of the island’s critical infrastructure.

Puerto Rico’s Fiscal Agency and Financial Advisory Authority suggested that profit motive rather than altruism was the bondholder group’s real goal. “Such offers only distract from the government’s stated focus and create the unfortunate appearance that such offers are being made for the purpose of favorably impacting the trading price of existing debt,” the agency said in a statement.

Thomas Wagner of Knighthead Capital Management, one of the members of the bondholder group, admitted as much on Bloomberg TV yesterday, saying “What we’re trying to do is lend where our investors are not disadvantaged.” He added that the loan could be a “win-win” for the utility and the bondholders, “where the capital is not expensive.”

If the idea was to increase the value of PREPA bonds, that hasn’t really happened. The bonds were trading at 43.4 cents on the dollar Wednesday according to Bloomberg. Prices were at 52.5 cents in late August.

Hurricane Maria, and Irma before it, left Puerto Rico in shambles, particularly the electric utility. The island’s 3.4 million residents were without power in the immediate aftermath of the storm, and most continue without power today. PREPA has limited ability to restore the grid, given the island’s cash-strapped status.

Creditor groups should “refrain from making unsolicited financing offers at the expense of the people of Puerto Rico,” the fiscal agency said.

Despite growing calls for debt relief, no bondholder has said they would supply it in the days following the storm, nor have creditor lawsuits been withdrawn. However, David Tepper, the hedge fund manager behind Appaloosa LP, did pledge $3 million for hurricane relief from his family charity and the hedge fund. The money would go to Feeding America, a food bank network.

Tepper’s Appaloosa LP is the only non-bank creditor to so much as publicly donate to disaster recovery efforts. Three banks who hold Puerto Rican debt have donated $1.25 million.

Scotiabank – gave $500,000 for Hurricane Irma relief in the Caribbean.

Sound Point Capital Management – no response

Stone Lion Capital Partners – no response

Syncora – no response

Taconic Capital Partners – no response

Tilden Park Capital Management – no response

Vårde Partners – no response

Whitebox Advisors – “We have a policy of not discussing Puerto Rico or any securities in which we are involved.”

.[Edited 9/30/17 0:16am]

"It means finding the very human narrative of a man navigating between idealism and pragmatism, faith and politics, non-violence, the pitfalls of acclaim as the perils of rejection" – Lesley Hazleton on the first muslim, the prophet.

Of course she didn't hold back. This administration took too long to send help. There are people living up in the countryside, mountains that can't get to the town to get supplies. The water system there is not like in the states. There could have been airdrops of supplies sent into those areas, days ago, and navy ships should have been sent in earlier, to get the people the necessary supplies and help they needed, from the day after the hurricane ended. What was the administration's holdup? It's not like they couldn't get across the Caribbean Sea. It's terrible how PR and USVI had to wait so long for help.

Nice to know General Honore' is in Puerto Rico as a CNN contributor accessing the situation and reporting what is needed there.[Edited 9/30/17 5:41am]

So basically Wall Street is negotiating a relief package for Puerto Rico via debt consolidation.
Puerto Rico can't accept the deal due to the conditions attached to them.
This is a shakedown of Puerto Rico.

PUERTO RICO REJECTS LOAN OFFERS, ACCUSING HEDGE FUNDS OF TRYING TO PROFIT OFF HURRICANES
David Dayen
September 29 2017, 7:17 a.m.
Photo: David Villafane/GFR/AP
PUERTO RICO HAS rejected a bondholder group’s offer to issue the territory additional debt as a response to the devastation of Hurricane Maria. Officials with Puerto Rico’s Fiscal Agency and Financial Advisory Authority said the offer was “not viable” and would harm the island’s ability to recover from the storm.

"The Mayor of San Juan, who was very complimentary only a few days ago, has now been told by the Democrats that you must be nasty to Trump," the President tweeted.

Such poor leadership ability by the Mayor of San Juan, and others in Puerto Rico, who are not able to get their workers to help. They want everything to be done for them when it should be a community effort. 10,000 Federal workers now on Island
doing a fantastic job," his tweets read."[Edited 9/30/17 5:43am]

Donald Trump posted a series of tweets this morning slamming Puerto Rico's mayors, including saying they "want everything to be done for them," a day after San Juan's mayor criticized aid delivery to the Hurricane Maria-lashed island.

Of course she didn't hold back. This administration took too long to send help. There are people living up in the countryside, mountains that can't get to the town to get supplies. The water system there is not like in the states. There could have been airdrops of supplies sent into those areas, days ago, and navy ships should have been sent in earlier, to get the people the necessary supplies and help they needed, from the day after the hurricane ended.

What was the administration's holdup? It's not like they couldn't get across the Caribbean Sea. It's terrible how PR and USVI had to wait so long for help. Nice to know General Honore' is in Puerto Rico as a CNN contributor accessing the situation and reporting what is needed there.

Donald Trump posted a series of tweets this morning slamming Puerto Rico's mayors, including saying they "want everything to be done for them," a day after San Juan's mayor criticized aid delivery to the Hurricane Maria-lashed island.

Thanks for starting this thread Luv. I started one in GD right before Maria hit but I've been so bummed I couldn't go back and post on it - then I felt guilty.

Trump loves to bash women, so the mayor of San Juan is a perfect target for him. NYC is a bedroom community for Puerto Ricans, and many New York snowbirds go there for the winter. Trump as usual sowing as much discord as possible. Lin-Manuel Miranda's tweet sums it up for me:

So basically Wall Street is negotiating a relief package for Puerto Rico via debt consolidation. Puerto Rico can't accept the deal due to the conditions attached to them. This is a shakedown of Puerto Rico. https://theintercept.com/...urricanes/ PUERTO RICO REJECTS LOAN OFFERS, ACCUSING HEDGE FUNDS OF TRYING TO PROFIT OFF HURRICANES David Dayen September 29 2017, 7:17 a.m. Photo: David Villafane/GFR/AP PUERTO RICO HAS rejected a bondholder group’s offer to issue the territory additional debt as a response to the devastation of Hurricane Maria. Officials with Puerto Rico’s Fiscal Agency and Financial Advisory Authority said the offer was “not viable” and would harm the island’s ability to recover from the storm.

@ bolded part: Agree. Why put them in more debt? Sad.

Trump started with the tweets as soon as Maria hit and they knew it was a bad one. Talking about Puerto Rico having financial problems... There is animosity in NYC towards Puerto Ricans going way back. For having the rights of a territory. And they are litigious - they have their shit together regarding the law. Can Cheeto say Abogado?

Trump Lashes Out at Puerto Rico Mayor Who Complained About Storm Response

Carmen Yulín Cruz, the mayor of San Juan, in 2016. Ms. Cruz had criticized the Trump administration on Friday for its rosy comments on the state of hurricane relief efforts in Puerto Rico, and the president responded Saturday morning.Credit Xavier J. Araujo/GDA, via Associated Press

WASHINGTON — President Trump lashed out at the mayor of San Juan on Saturday for complaining about his adm...uerto Rico after Hurricane Maria, accusing her of “poor leadership” and implying that the island, which lacks electricity and has limited cellphone service, water and fuel, was not doing enough to help itself.

In a series of early-morning messages on Twitter, Mr. Trump dismissed the statements by the capital’s mayor, Carmen Yulín Cruz, as political and asserted that his administration had organized a response by federal workers who are “doing a fantastic job.”

So basically Wall Street is negotiating a relief package for Puerto Rico via debt consolidation. Puerto Rico can't accept the deal due to the conditions attached to them. This is a shakedown of Puerto Rico. https://theintercept.com/...urricanes/ PUERTO RICO REJECTS LOAN OFFERS, ACCUSING HEDGE FUNDS OF TRYING TO PROFIT OFF HURRICANES David Dayen September 29 2017, 7:17 a.m. Photo: David Villafane/GFR/AP PUERTO RICO HAS rejected a bondholder group’s offer to issue the territory additional debt as a response to the devastation of Hurricane Maria. Officials with Puerto Rico’s Fiscal Agency and Financial Advisory Authority said the offer was “not viable” and would harm the island’s ability to recover from the storm.

@ bolded part: Agree. Why put them in more debt? Sad.

Trump started with the tweets as soon as Maria hit and they knew it was a bad one. Talking about Puerto Rico having financial problems... There is animosity in NYC towards Puerto Ricans going way back. For having the rights of a territory. And they are litigious - they have their shit together regarding the law. Can Cheeto say Abogado?

I'm not surprised at his reaction or response to the PR disaster. I'm also not surprised at the lack of interests/concern from the media, and many Americans regarding the USVI being hit with a category 5 hurricane. The media has been pretty much absent regarding any news on the USVI's hurricane disaster. Both PR and USVI are being treated like second-class American citizens by this administration. Sad. For Florida, they had media on the ground days before, and on the day of the hurricane, and after, giving citizens up-to-date reporting, and having FEMA prepared to handle the disaster.[Edited 9/30/17 7:39am]

Trump started with the tweets as soon as Maria hit and they knew it was a bad one. Talking about Puerto Rico having financial problems... There is animosity in NYC towards Puerto Ricans going way back. For having the rights of a territory. And they are litigious - they have their shit together regarding the law. Can Cheeto say Abogado?

I'm not surprised at his reaction or response to the PR disaster. I'm also not surprised at the lack of interests/concern from the media, and many Americans regarding the USVI being hit with a category 5 hurricane. The media has been pretty much absent regarding any news on the USVI's hurricane disaster. Both PR and USVI are being treated like second-class American citizens by this administration. Sad.

Yes, and Trump did not help with his "island out in the ocean" story. Even the Weather Channel just points to a vague coupla dots and says USVI. Definite pecking order in the Caribbean territories. 1)Puerto Rico - 2)St Thomas/St John - 3)St Croix. It's a known thing down there. The Avis, the STX newspaper, will comment on being STT/STJ stepchild, they fight over money and cruise ships, all kinds of the usual sibling stuff.

Of course in these disasters everyone bleeds the same for awhile. Those with money & connections will recover faster. It's SO bad for tourism jobs on all the islands. Hard times ahead. Hope none of your folks lost houses or jobs, 2elijah.

All us Christians know how God manifest himself through a piece of cloth so of course it demands to be shown the honor and sacredness it deserves. People and their needs are such a distraction from the important things in life and are so bothersome.

Trump started with the tweets as soon as Maria hit and they knew it was a bad one. Talking about Puerto Rico having financial problems... There is animosity in NYC towards Puerto Ricans going way back. For having the rights of a territory. And they are litigious - they have their shit together regarding the law. Can Cheeto say Abogado?

I'm not surprised at his reaction or response to the PR disaster. I'm also not surprised at the lack of interests/concern from the media, and many Americans regarding the USVI being hit with a category 5 hurricane. The media has been pretty much absent regarding any news on the USVI's hurricane disaster. Both PR and USVI are being treated like second-class American citizens by this administration. Sad.

Yes, and Trump did not help with his "island out in the ocean" story. Even the Weather Channel just points to a vague coupla dots and says USVI. Definite pecking order in the Caribbean territories. 1)Puerto Rico - 2)St Thomas/St John - 3)St Croix. It's a known thing down there. The Avis, the STX newspaper, will comment on being STT/STJ stepchild, they fight over money and cruise ships, all kinds of the usual sibling stuff.

Of course in these disasters everyone bleeds the same for awhile. Those with money & connections will recover faster. It's SO bad for tourism jobs on all the islands. Hard times ahead. Hope none of your folks lost houses or jobs, 2elijah.

Thanks Poppy. Most of my immediate family members live in the states now. I do have a few nieces, nephews and cousins who still live in the USVI. Communication is still a problem on the island. Only 15% electricity restored as well. My older sis will keep me informed of any news she gets regarding fam. Thanks.[Edited 10/1/17 7:07am]

What a joke. Interesting everyone got served except PR. The USVI barely exists to that asshole. They have damage too.

And the USVI was hit with a category 5 hurricane, and the media and 'many' others are treating the USVI as though it doesn't exist. When IRMA hit there, Puerto Rico reached out to their neighbor, the USVI, and helped them, and now Puerto Rico is in trouble, and being treated like 2nd class citizens by the current administration and Trump slinging questionable comments at them. First of all the citizens there are helping one another, as best they could, yet he insults them as though they are all just sitting there doing nothing to help themselves.[Edited 10/1/17 7:11am]

What a joke. Interesting everyone got served except PR. The USVI barely exists to that asshole. They have damage too.

And the USVI was hit with a category 5 hurricane, and the media and 'many' others are treating the USVI as though it doesn't exist. When IRMAbhit there, Puerto Rico reached out to their neighbor, the USVI, and helped them, and now Puerto Rico is in trouble, and treated like 2nd class citizens by the current administration and the president slinging insults at them.

Doubt if Trump would set foot in USVI. Maybe St John, before it was destroyed. My brother's ex is an EMT there for decades. She says it's really bad, lost her house. Real estate on that island was crazy expensive before Irma.

What a joke. Interesting everyone got served except PR. The USVI barely exists to that asshole. They have damage too.

And the USVI was hit with a category 5 hurricane, and the media and 'many' others are treating the USVI as though it doesn't exist. When IRMAbhit there, Puerto Rico reached out to their neighbor, the USVI, and helped them, and now Puerto Rico is in trouble, and treated like 2nd class citizens by the current administration and the president slinging insults at them.

Doubt if Trump would set foot in USVI. Maybe St John, before it was destroyed. My brother's ex is an EMT there for decades. She says it's really bad, lost her house. Real estate on that island was crazy expensive before Irma.

He is supposed to visit the USVI on Tuesday, and meet with Governor Mapp, after he visits Puerto Rico. St. Thomas, just like St. John, is in bad shape with manybdestroyed properties.[Edited 10/1/17 7:24am]

Doubt if Trump would set foot in USVI. Maybe St John, before it was destroyed. My brother's ex is an EMT there for decades. She says it's really bad, lost her house. Real estate on that island was crazy expensive before Irma.

He is supposed to visit the USVI on Tuesday, and meet with Governor Mapp, after he visits Puerto Rico. St. Thomas, just like St. John, is in bad shape with many destroyed properties.

Good he's visiting but he will only see what he wants to see, most likely.